Marmota Energy (ASX: MEU) has caught the eye of investors in recent days with increased buying forcing the share price 32% higher to an intra-day high of $0.062 today.
This is compared to a close of $0.047 a week ago.
The sudden shift up has prompted an ASX speeding ticket, with 4.6 million shares changing hands today alone.
To put this in perspective, the volume is almost double the amount of shares traded over the previous four trading days.
Marmota told the ASX it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.
The company recently inked a farm-in agreement with Apollo Minerals (ASX: AON) for Marmota’s Aurora Tank Gold Project in South Australia’s Gawler Craton.
Under terms of the agreement, Apollo can earn 75% of the mineral rights through exploration expenditure of either $900,000 over three years or the costs incurred to the Bankable Feasibility Study Stage.
Apollo has committed to a minimum exploration spend of $150,000 during the first year, including a minimum of 1,000 metres of drilling.
Previous exploration completed on the tenement has identified targets with potential for Challenger-style gold mineralisation.
The farm-in will enable Marmota to focus on its high priority projects in the region with exploration and drilling planned on the Durkin copper-nickel and Indooroopilly Archaean gold projects in 2013.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.